Govt says it again — no plan to sell PLUS

KUALA LUMPUR — Oct. 30, 2017: The government has no plans to sell its stake in PLUS Malaysia Berhad to Maju Holdings Sdn. Bhd. and view seriously the financial position and capability of the latter.

The Ministry of Finance (MOF) said the proposed takeover of PLUS should be supported with a clear and robust source of funding and operational capabilities.

This is necessary to ensure that the operator of the country’s strategic asset does not face financial problems in the event of an economic shock or foreign exchange volatility.

The statement was in reply to a written question from Hee Loy Sian (PKR-Petaling Jaya Selatan) who asked about the outcome of the proposal from Maju Holdings to take over PLUS for RM36 billion.

The MOF said the proposed acquisition should not be seen from the point of not raising toll charges for several years and the low maintenance costs.

On the contrary, the company concerned should be able to meet the needs of the government, including the operational and financial capabilities to manage the North-South Expressway in the long run.

Maju Holdings group executive chairman Tan Sri Abu Sahid Mohamad had expressed his desire to acquire 51 per cent of UEM Group’s shares and 49 per cent of Employees Provident Fund shares in PLUS, thus taking over the country’s main highway and other highways such as Elite Expressway and Linkedua. — Bernama